Aaron Feuerstein Explained
Aaron Feuerstein |
Birth Date: | 11 December 1925 |
Birth Place: | Brookline, Massachusetts, U.S. |
Death Place: | Brookline, Massachusetts, U.S. |
Occupation: | Businessman |
Known For: | CEO Malden Mills, Polartec fabric |
Spouse: | [1] [2] |
Alma Mater: | Yeshiva University[3] |
Parents: | Samuel (father) |
Relatives: | Rabbi Moses Feuerstein (brother)[4] |
Aaron Mordechai Feuerstein (December 11, 1925 – November 4, 2021) was a Jewish-American industrialist, philanthropist, and the third-generation owner[5] and CEO of Malden Mills in Lawrence, Massachusetts. Some remember him as “the mensch who saved Christmas”[6] when he publicly declared: “I am not throwing three thousand people out of work, two weeks before their holiday.”
After a major fire at Young Israel of Brookline, a synagogue founded by his father, Feuerstein donated $1,000,000 to help rebuild.
Early life and education
Feuerstein, a Jew, was born in Brookline, Massachusetts, on December 11, 1925.[7] [8] He attended Boston Latin School and graduated from Yeshiva University in 1947, majoring in English and philosophy.[9] [10]
Career
Feuerstein began working for the family company, Malden Mills, after he graduated in 1947.[11] By 1970s, he began to take charge of the company, leading it during the disastrous fake fur market. In 1980, the company was filed for bankruptcy and had to lay off workers.
On December 11, 1995, the Malden Mills factory, a facility that Feuerstein's grandfather built, burned down.[12] Feuerstein used his insurance money to rebuild it, and to pay the salaries of all the now-unemployed workers while it was being rebuilt.[13] Feuerstein spent millions keeping all 3,000 employees on the payroll with full benefits for ninety days.[14] He came to prominence globally by going against common business practices, especially at a time when many companies were downsizing and moving overseas.[15] "By the end of 1996 the plant was rebuilt."[16]
Feuerstein, a devout Orthodox Jew,[17] said that he could not have taken another course of action due to his study of the Talmud and the lessons he learned there:
This cost Feuerstein $25,000,000, his CEO position as his family lost control of the company. In November 2001, Malden Mills filed for chapter 11 bankruptcy. The company achieved solvency again with the help of creditor generosity and government subsidies. Malden Mills later garnered some lucrative Department of Defense (DOD) contracts for "smart" products that interweave fiber optic cabling, electronic biosensors, and USB ports into polar fleece fabric. Malden Mills was awarded a $16 million DOD contract in 2006.[18] In January 2007, however, Malden Mills filed for bankruptcy again and ended production in July.[19] The company's underfunded (by 49%) pension was abandoned due to sale of corporate assets.[20]
Personal life
Feuerstein was an alumnus of Camp Modin in Belgrade, Maine, and the keynote speaker at the 75th annual reunion in 1997. Feuerstein was also a member of Young Israel of Brookline.[21]
Feuerstein died of pneumonia on November 4, 2021, in a Boston hospital at the age of 95.[22] [23] [24]
Family
Feuerstein married twice; both wives predeceased him. His surviving descendants include 3 children and six grandchildren.[24]
Honors
An industrialist and philanthropist, for setting the standard for commitment to employees following a devastating fire at his Malden Mills manufacturing plant, he was awarded the Peace Abbey Courage of Conscience Award on March 13, 1998.[25] Two years prior, he was cited by then President Bill Clinton during his 1996 State of the Union Address, lauding him for his handling of the Malden Hills disaster.[26]
Further reading
External links
Notes and References
- News: Kerber, Ross . Gardizzy, Anissa . A hero to workers after Malden Mills fire, Aaron Feuerstein dies at 95 . . November 5, 2021.
- News: McKenna . Kathleen . Louise Feuerstein, 76; worked with husband to rebuild Malden Mills . . September 26, 2013.
- News: Aaron Feuerstein's labor of love: A throwback to a patrician era fights an uphill battle to regain control of company his grandfather founded . . September 14, 2003.
- Web site: Karasick, Joseph, Rabbi . Obituary of Rabbi Moses Feuerstein . https://web.archive.org/web/20130303011851/https://www.ou.org/index.php/news/article/51379 . March 3, 2013 . Orthodox Union OU News . March 18, 2009.
- Web site: Polartec: Polartec Promise. https://web.archive.org/web/20040222041157/http://www.maldenmills.com/about/promise.php . February 22, 2004 .
- News: BizJournals.com (Boston). Lofts debut at historic Malden Mills in Lawrence. Thomas Grillo . November 20, 2012 . January 5, 2023.
- News: Vaughn, Susan. Firms Find Long-Term Rewards in Doing Good. Los Angeles Times. November 3, 1997 . February 25, 2013.
- Book: Forbes Great Success Stories: Twelve Tales of Victory Wrested from Defeat. 2000 . 12. Wiley. 9780471383598.
- Web site: Aaron Feuerstein, Founder, Chair, CEO, Malden Mills, awarded Honorary Doctor of Humane Letters Degree at Graduation Ceremonies in New York.
- Web site: Holding the Line : People.com. dead. https://web.archive.org/web/20081202153847/http://www.people.com/people/archive/article/0,,20102719,00.html. 2008-12-02.
- Book: Crainer, Stuart . Generation Entrepreneur: Shape Today's Business Reality, Create Tomorrow's Wealth, Do Your Own Thing . Dearlove . Des . 2000 . FT Press . 0-273-64920-5 . London . 231 . en.
- Book: Foxman, Abraham H. . Jews and Money: The Story of a Stereotype . St. Martin's Publishing Group . 2010 . 978-0-230-11225-4 . New York, NY . 15 . en.
- Book: Kwiatkowski, Stefan . Entrepreneurship: Values and Responsibility . 2017-07-28 . Transaction Publishers . 978-1-351-29778-3 . New Brunswick . 217 . en.
- Web site: Aaron Feuerstein dies at 95, paid idled workers after mill fire . FX Empire . November 15, 2021 . November 5, 2021.
- News: . Downsizing Prevails as Customers Resist Paying More . November 26, 1996.
- Book: 2022. The Grandeur of the Maggid . Paysach J. Krohn . 978-1-4226-3262-8 . 144.
- Book: Hoffman, W. Michael . Business Ethics: Readings and Cases in Corporate Morality . Frederick . Robert E. . Schwartz . Mark S. . John Wiley & Sons . 2014 . 978-1-118-33668-7 . Malden, MA . 278 . en.
- Web site: Congress Awards Malden Mills Major Military Contracts for 2006. https://web.archive.org/web/20060521205212/http://www.maldenmills.com/contentmgr/showdetails.php/id/1269 . May 21, 2006 .
- Bloomberg News. News: Malden Mills Returns to Bankruptcy . The New York Times . January 11, 2007 . February 25, 2013.
- Web site: PBGC Protects Pensions at Malden Mills. https://web.archive.org/web/20090814053509/http://pbgc.gov/media/news-archive/news-releases/2007/pr07-28.html . August 14, 2009 .
- Web site: Despite bankruptcy, former Malden Mills owner glad he saved jobs after historic fire. 12 December 2015.
- News: A hero to workers after Malden Mills fire, Aaron Feuerstein dies at 95. 2021-11-06 . . en-US.
- News: Kerber . Ross . November 5, 2021 . Aaron Feuerstein dies at 95, paid idled workers after mill fire . en . . 2021-11-06.
- News: Risen . Clay. November 5, 2021. Aaron Feuerstein, Mill Owner Who Refused to Leave, Dies at 95. en-US . The New York Times. 2021-11-06 . 0362-4331.
- Web site: Courage of Conscience Award Recipients. https://web.archive.org/web/20140610041225/http://www.peaceabbey.org/cofc-award/award-recipients . 2014-06-10 .
- Book: Zaremba, Alan Jay . Crisis Communication: Theory and Practice . M.E. Sharpe . 2010 . 978-0-7656-2051-4 . New York, NY . 88 . en.